Calculating your Artificial Intelligence ROI? Using these methods, your Artificial Intelligence ROI can be more than your projections!

Even though members of the managerial team aren’t aware in full detail the benefits of artificial intelligence in the business environment, they choose to implement such a system. So, you can notice more and more businesses that choose a digital transformation, rather than remaining with their traditional practices. This is a continuous trend that will persist for the years to come, and with good reason. Artificial intelligence and machine learning algorithms have the ability to enhance the expected ROI of any business that dares to try them. In the following years, consulting an AI expert will become a common practice, as more and more companies will notice the effect of AI on ROI.

With the help of Prajnajit Mohanty, Chief Data Scientist, we explored ways that an artificial intelligence system can boost the ROI of any business. Prajnajit Mohanty can be reached at https://www.linkedin.com/in/prajmohanty/ or by his company @AibridgeML.ai.

01. Use data for more efficient decision making

No matter the industry that the business is a part of, artificial intelligence can offer insights that will lead to greater ROI. Machine learning algorithms use all of the available data to take notice of all the patterns that have occurred in the past. This way, they can realize when the conditions are similar in the present and so suggest an effective plan of action. Business managers can use this information to check when is the right time for a business deal, for an increase in production, and every other part of the business process. Minimizing the error factor in each process will only lead to a higher ROI.

02. More effective testing

Artificial intelligence can be used to maximize the usability of the company’s process, product, and website. This is because this algorithm can run advanced test methods, in order to uncover hidden issues. Machine learning is exceptionally efficient in running A/B tests, checking many different variables at the same time. What the system essentially does, is to create two different variations of the thing tested and then evaluating all the metrics from each of those. This AI’s capability can be utilized for better results in marketing.

03. Competitive Advantage through Predictive Analytics

Earlier, we have mentioned how beneficial predictive analytics are to the decision making process. However, this is not their only advantage. Predictive analytics can truly offer a significant competitive advantage to the company. Nowadays, that many businesses have implemented an artificial intelligence system, it is essential that a business stays at the same level as its competitors. Additionally, by recognizing on time the opportunities and becoming the first to grasp them, the company can witness a significant boost on the ROI.

04. Boost the Security of the Business

An important use of an artificial intelligence algorithm is its ability to boost the businesses’ security. First and foremost, it can stand against any attempt to breach the security of the company. However, it can also be used as a preventive measure against the threats. In many cases, machine learning systems are able to recognize the threats long before the security teams.

 An artificial intelligence system can bring a digital transformation to a company. This transformation will enhance the business process and bring a far greater ROI.